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Financial News: Austria's Manufacturing Growth Quickens In November

Austria's Manufacturing Growth Quickens In November

11/29/2017 - 06:52:00 (RTTNews)

(RTTNews) - Austria's manufacturing growth accelerated sharply in November, equalling the survey record posted in February 2011, survey figures from IHS Markit showed Wednesday.

The UniCredit Bank Austria Purchasing Managers' Index, or PMI, climbed to 61.9 in November from 59.4 in October. Any reading above 50 indicates expansion in the sector.

Moreover, the latest figure was the joint-highest since the series began in October 1998.

Growth in new orders regained momentum in November to almost match June's 76-month record.

Similarly, the rate of growth in manufacturing output sharpened in November and ranked among the strongest registered in over 19 years of data collection.

Manufacturing employment increased in November at a rate almost equal to the record high set in February 2011.

On the price front, input price inflation remained sharp in November, driven by higher steel prices. As a result, output prices rose at the fastest rate in six-and-ahalf years.

Looking ahead, the 12-month outlook for manufacturing production brightened in November.

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